# St. James's Place (STJ.LSE)

Canonical: https://gigainvestors.com/s/STJ.LSE

Analysis as of: 2026-10-16T07:36:44.428Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 1,061.00 per share; close as of 2026-10-15.

Estimated value: low GBX 973.06 per share, central GBX 1,390.04 per share, high GBX 1,632.85 per share. Buy at or below the central value GBX 1,390.04 per share. Valuation as of 2026-10-16T07:36:44.428Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2023: 0.02×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 24.6%

- ROIC, second-lowest year: -495.6%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 12.8%

- Typical minus recent gross margin: 5.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.6%

- FY2017: 16.6%

- FY2018: -495.6%

- FY2019: 31.3%

- FY2020: 17.5%

- FY2021: 33.1%

- FY2022: -1159.8%

- FY2023: 25.6%

- FY2024: 35.2%

- FY2025: 50.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.6B

- Net income, five-year total: GBP 1.6B

- Return on incremental invested capital: 14.4%

- Working capital / revenue, annual change: -3.0 pp

- Working capital / revenue, final three-year average: -24.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.97×

- FY2023: 1.36×

- FY2024: 1.05×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.6% vs 35.2%

- Per-share earnings: 0.27 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: GBP 2.1B

- Cumulative retained earnings: GBP 376M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.1%

- Per-share value change: GBP 0.46

- Per-share value, starting three-year median: GBP 0.27

- Per-share value, ending three-year median: GBP 0.73

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 60M

- Cumulative net income, 10 years: GBP 2.5B

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 35.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.21

- FY2017: GBP 0.27

- FY2018: GBP 0.32

- FY2019: GBP 0.28

- FY2020: GBP 0.49

- FY2021: GBP 0.52

- FY2022: GBP 0.74

- FY2023: GBP -0.02

- FY2024: GBP 0.73

- FY2025: GBP 0.99

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: 0.1%

- FY2018: 0.4%

- FY2019: -0.2%

- FY2020: 0.3%

- FY2021: -0.7%

- FY2022: 1.0%

- FY2023: -0.0%

- FY2024: 0.5%

- FY2025: -0.2%

## Holders

## Price story

Down 37% since Dec 2021 · sales +16.1%

Story as of 2026-10-16T10:00:07.993Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

### Sales · FY2024–2025

sales +16.1%; source https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 11B 

- FY2017: GBP 9.1B 

- FY2018: GBP -2.7B 

- FY2019: GBP 17B 

- FY2020: GBP 8.1B 

- FY2021: GBP 18B 

- FY2022: GBP -12B 

- FY2023: GBP 19B 

- FY2024: GBP 26B 

- FY2025: GBP 30B 

### Gross margin · FY2025

gross margin 12.8%; source https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 15.1% 

- FY2017: 19.9% 

- FY2019: 14.6% 

- FY2020: 26.2% 

- FY2021: 15.4% 

- FY2023: 14.9% 

- FY2024: 12.6% 

- FY2025: 12.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are GBP 30.2 billion.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 30162400000; grossProfit 3852000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.6% to 14.9% during 2023–25; it earns 24.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 12.6%.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.23573269513991163],[2017,0.166055559704279],[2018,-4.9560841613091755],[2019,0.3133526011560694],[2020,0.17457797933988412],[2021,0.3312235280081131],[2022,-11.598276645462807],[2023,0.25597317379137313],[2024,0.35187918401771123],[2025,0.5048781216393834]]; median 0.24585293446564238. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 250.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 12000000; upkeep 7600000; owner earnings 112200000. Growth capex / owner earnings = 0.10695187165775401.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 8600000; owner earnings 145700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 8600000; owner earnings 174600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 900000; upkeep 25300000; owner earnings 122880000. Growth capex / owner earnings = 0.00732421875.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 26800000; owner earnings 240160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 22600000; owner earnings 275180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 20100000; owner earnings 394380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 8700000; owner earnings 417260000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 1100000; owner earnings 538040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,155200000],[2017,190000000],[2018,242700000],[2019,256000000],[2020,107100000],[2021,329900000],[2022,303600000],[2023,289600000],[2024,76600000],[2025,96300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: cash repurchases 250500000 GBP.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STJ.LSE SharesStats.PercentInsiders = 1.923 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.03132555817971286. Price 1061; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.38875119161105814 → FY2025 1.0066343120783394. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 945.00 per share

- 2016-11: GBX 940.00 per share

- 2016-12: GBX 1,014.00 per share

- 2017-01: GBX 1,071.00 per share

- 2017-02: GBX 1,055.00 per share

- 2017-03: GBX 1,062.00 per share

- 2017-04: GBX 1,148.00 per share

- 2017-05: GBX 1,173.00 per share

- 2017-06: GBX 1,182.00 per share

- 2017-07: GBX 1,217.00 per share

- 2017-08: GBX 1,153.00 per share

- 2017-09: GBX 1,146.00 per share

- 2017-10: GBX 1,177.00 per share

- 2017-11: GBX 1,214.00 per share

- 2017-12: GBX 1,226.00 per share

- 2018-01: GBX 1,188.50 per share

- 2018-02: GBX 1,154.50 per share

- 2018-03: GBX 1,086.50 per share

- 2018-04: GBX 1,136.50 per share

- 2018-05: GBX 1,192.00 per share

- 2018-06: GBX 1,147.50 per share

- 2018-07: GBX 1,205.50 per share

- 2018-08: GBX 1,131.50 per share

- 2018-09: GBX 1,144.00 per share

- 2018-10: GBX 1,013.50 per share

- 2018-11: GBX 1,005.50 per share

- 2018-12: GBX 944.00 per share

- 2019-01: GBX 938.00 per share

- 2019-02: GBX 972.40 per share

- 2019-03: GBX 1,028.00 per share

- 2019-04: GBX 1,121.50 per share

- 2019-05: GBX 1,046.50 per share

- 2019-06: GBX 1,098.00 per share

- 2019-07: GBX 984.00 per share

- 2019-08: GBX 917.80 per share

- 2019-09: GBX 979.40 per share

- 2019-10: GBX 1,041.00 per share

- 2019-11: GBX 1,088.50 per share

- 2019-12: GBX 1,164.50 per share

- 2020-01: GBX 1,144.00 per share

- 2020-02: GBX 1,015.50 per share

- 2020-03: GBX 759.60 per share

- 2020-04: GBX 851.40 per share

- 2020-05: GBX 918.80 per share

- 2020-06: GBX 952.80 per share

- 2020-07: GBX 942.20 per share

- 2020-08: GBX 979.80 per share

- 2020-09: GBX 931.00 per share

- 2020-10: GBX 899.20 per share

- 2020-11: GBX 1,020.00 per share

- 2020-12: GBX 1,133.50 per share

- 2021-01: GBX 1,173.50 per share

- 2021-02: GBX 1,174.00 per share

- 2021-03: GBX 1,274.00 per share

- 2021-04: GBX 1,361.50 per share

- 2021-05: GBX 1,397.50 per share

- 2021-06: GBX 1,477.00 per share

- 2021-07: GBX 1,587.00 per share

- 2021-08: GBX 1,610.00 per share

- 2021-09: GBX 1,507.00 per share

- 2021-10: GBX 1,579.50 per share

- 2021-11: GBX 1,548.50 per share

- 2021-12: GBX 1,683.50 per share

- 2022-01: GBX 1,518.00 per share

- 2022-02: GBX 1,403.50 per share

- 2022-03: GBX 1,448.50 per share

- 2022-04: GBX 1,298.00 per share

- 2022-05: GBX 1,294.00 per share

- 2022-06: GBX 1,102.50 per share

- 2022-07: GBX 1,227.50 per share

- 2022-08: GBX 1,107.00 per share

- 2022-09: GBX 1,036.00 per share

- 2022-10: GBX 1,065.00 per share

- 2022-11: GBX 1,149.50 per share

- 2022-12: GBX 1,095.00 per share

- 2023-01: GBX 1,222.50 per share

- 2023-02: GBX 1,281.50 per share

- 2023-03: GBX 1,211.00 per share

- 2023-04: GBX 1,206.50 per share

- 2023-05: GBX 1,115.00 per share

- 2023-06: GBX 1,087.50 per share

- 2023-07: GBX 940.00 per share

- 2023-08: GBX 884.80 per share

- 2023-09: GBX 832.20 per share

- 2023-10: GBX 639.60 per share

- 2023-11: GBX 648.60 per share

- 2023-12: GBX 683.60 per share

- 2024-01: GBX 654.20 per share

- 2024-02: GBX 503.00 per share

- 2024-03: GBX 464.50 per share

- 2024-04: GBX 435.60 per share

- 2024-05: GBX 499.60 per share

- 2024-06: GBX 546.50 per share

- 2024-07: GBX 685.00 per share

- 2024-08: GBX 724.50 per share

- 2024-09: GBX 734.00 per share

- 2024-10: GBX 813.00 per share

- 2024-11: GBX 902.00 per share

- 2024-12: GBX 868.00 per share

- 2025-01: GBX 1,054.00 per share

- 2025-02: GBX 1,058.00 per share

- 2025-03: GBX 977.00 per share

- 2025-04: GBX 939.20 per share

- 2025-05: GBX 1,114.50 per share

- 2025-06: GBX 1,184.00 per share

- 2025-07: GBX 1,308.50 per share

- 2025-08: GBX 1,269.00 per share

- 2025-09: GBX 1,270.00 per share

- 2025-10: GBX 1,297.50 per share

- 2025-11: GBX 1,393.00 per share

- 2025-12: GBX 1,384.50 per share

- 2026-01: GBX 1,520.00 per share

- 2026-02: GBX 1,350.00 per share

- 2026-03: GBX 1,176.50 per share

- 2026-04: GBX 1,218.50 per share

- 2026-05: GBX 1,210.00 per share

- 2026-06: GBX 1,211.50 per share

- 2026-07: GBX 1,053.50 per share

- 2026-08: GBX 1,186.00 per share

- 2026-09: GBX 1,063.50 per share

- 2026-10: GBX 1,061.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,056.99 per share, central GBX 2,178.55 per share, high GBX 2,309.97 per share

- FY2017: low GBX 1,940.79 per share, central GBX 2,142.40 per share, high GBX 2,280.08 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:31.120Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

St. James's Place

STJ · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 1,061.00
Buy up to: GBX 1,390.04
Expected / yr: 12.1% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 20.9% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

8y median: 4.3%
Worst year: 2.1%
Latest · 2025: 4.3%

The second-worst year -495.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 24.6%
Worst year: -1159.8%
Latest · 2025: 50.5%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 1.01×
Latest · 2025: 1.01×

Per-share value rose from 0.27 to 0.73, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.40
Worst year: GBP -0.02
Latest · 2025: GBP 0.99

Profits were backed by cash: accruals were -0.2% of assets (limit 10%).

Sloan accruals

10y median: 0.0%
Worst year: 1.0%
Latest · 2025: -0.2%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 4.1%, three-year average owner earnings per share 0.58 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 945.00 · Value 2178.55 · Buy at or below 2178.55; 2016-11 · Price GBX 940.00 · Value 2178.55 · Buy at or below 2178.55; 2016-12 · Price GBX 1014.00 · Value 2178.55 · Buy at or below 2178.55; 2017-01 · Price GBX 1071.00 · Value 2178.55 · Buy at or below 2178.55; 2017-02 · Price GBX 1055.00 · Value 2142.40 · Buy at or below 2142.40; 2017-03 · Price GBX 1062.00 · Value 2142.40 · Buy at or below 2142.40; 2017-04 · Price GBX 1148.00 · Value 2142.40 · Buy at or below 2142.40; 2017-05 · Price GBX 1173.00 · Value 2142.40 · Buy at or below 2142.40; 2017-06 · Price GBX 1182.00 · Value 2142.40 · Buy at or below 2142.40; 2017-07 · Price GBX 1217.00 · Value 2142.40 · Buy at or below 2142.40; 2017-08 · Price GBX 1153.00 · Value 2142.40 · Buy at or below 2142.40; 2017-09 · Price GBX 1146.00 · Value 2142.40 · Buy at or below 2142.40; 2017-10 · Price GBX 1177.00 · Value 2142.40 · Buy at or below 2142.40; 2017-11 · Price GBX 1214.00 · Value 2142.40 · Buy at or below 2142.40; 2017-12 · Price GBX 1226.00 · Value 2142.40 · Buy at or below 2142.40; 2018-01 · Price GBX 1188.50 · Value 2142.40 · Buy at or below 2142.40; 2018-02 · Price GBX 1154.50 · Value 1390.04 · Buy at or below 1390.04; 2018-03 · Price GBX 1086.50 · Value 1390.04 · Buy at or below 1390.04; 2018-04 · Price GBX 1136.50 · Value 1390.04 · Buy at or below 1390.04; 2018-05 · Price GBX 1192.00 · Value 1390.04 · Buy at or below 1390.04; 2018-06 · Price GBX 1147.50 · Value 1390.04 · Buy at or below 1390.04; 2018-07 · Price GBX 1205.50 · Value 1390.04 · Buy at or below 1390.04; 2018-08 · Price GBX 1131.50 · Value 1390.04 · Buy at or below 1390.04; 2018-09 · Price GBX 1144.00 · Value 1390.04 · Buy at or below 1390.04; 2018-10 · Price GBX 1013.50 · Value 1390.04 · Buy at or below 1390.04; 2018-11 · Price GBX 1005.50 · Value 1390.04 · Buy at or below 1390.04; 2018-12 · Price GBX 944.00 · Value 1390.04 · Buy at or below 1390.04; 2019-01 · Price GBX 938.00 · Value 1390.04 · Buy at or below 1390.04; 2019-02 · Price GBX 972.40 · Value 1390.04 · Buy at or below 1390.04; 2019-03 · Price GBX 1028.00 · Value 1390.04 · Buy at or below 1390.04; 2019-04 · Price GBX 1121.50 · Value 1390.04 · Buy at or below 1390.04; 2019-05 · Price GBX 1046.50 · Value 1390.04 · Buy at or below 1390.04; 2019-06 · Price GBX 1098.00 · Value 1390.04 · Buy at or below 1390.04; 2019-07 · Price GBX 984.00 · Value 1390.04 · Buy at or below 1390.04; 2019-08 · Price GBX 917.80 · Value 1390.04 · Buy at or below 1390.04; 2019-09 · Price GBX 979.40 · Value 1390.04 · Buy at or below 1390.04; 2019-10 · Price GBX 1041.00 · Value 1390.04 · Buy at or below 1390.04; 2019-11 · Price GBX 1088.50 · Value 1390.04 · Buy at or below 1390.04; 2019-12 · Price GBX 1164.50 · Value 1390.04 · Buy at or below 1390.04; 2020-01 · Price GBX 1144.00 · Value 1390.04 · Buy at or below 1390.04; 2020-02 · Price GBX 1015.50 · Value 1390.04 · Buy at or below 1390.04; 2020-03 · Price GBX 759.60 · Value 1390.04 · Buy at or below 1390.04; 2020-04 · Price GBX 851.40 · Value 1390.04 · Buy at or below 1390.04; 2020-05 · Price GBX 918.80 · Value 1390.04 · Buy at or below 1390.04; 2020-06 · Price GBX 952.80 · Value 1390.04 · Buy at or below 1390.04; 2020-07 · Price GBX 942.20 · Value 1390.04 · Buy at or below 1390.04; 2020-08 · Price GBX 979.80 · Value 1390.04 · Buy at or below 1390.04; 2020-09 · Price GBX 931.00 · Value 1390.04 · Buy at or below 1390.04; 2020-10 · Price GBX 899.20 · Value 1390.04 · Buy at or below 1390.04; 2020-11 · Price GBX 1020.00 · Value 1390.04 · Buy at or below 1390.04; 2020-12 · Price GBX 1133.50 · Value 1390.04 · Buy at or below 1390.04; 2021-01 · Price GBX 1173.50 · Value 1390.04 · Buy at or below 1390.04; 2021-02 · Price GBX 1174.00 · Value 1390.04 · Buy at or below 1390.04; 2021-03 · Price GBX 1274.00 · Value 1390.04 · Buy at or below 1390.04; 2021-04 · Price GBX 1361.50 · Value 1390.04 · Buy at or below 1390.04; 2021-05 · Price GBX 1397.50 · Value 1390.04 · Buy at or below 1390.04; 2021-06 · Price GBX 1477.00 · Value 1390.04 · Buy at or below 1390.04; 2021-07 · Price GBX 1587.00 · Value 1390.04 · Buy at or below 1390.04; 2021-08 · Price GBX 1610.00 · Value 1390.04 · Buy at or below 1390.04; 2021-09 · Price GBX 1507.00 · Value 1390.04 · Buy at or below 1390.04; 2021-10 · Price GBX 1579.50 · Value 1390.04 · Buy at or below 1390.04; 2021-11 · Price GBX 1548.50 · Value 1390.04 · Buy at or below 1390.04; 2021-12 · Price GBX 1683.50 · Value 1390.04 · Buy at or below 1390.04; 2022-01 · Price GBX 1518.00 · Value 1390.04 · Buy at or below 1390.04; 2022-02 · Price GBX 1403.50 · Value 1390.04 · Buy at or below 1390.04; 2022-03 · Price GBX 1448.50 · Value 1390.04 · Buy at or below 1390.04; 2022-04 · Price GBX 1298.00 · Value 1390.04 · Buy at or below 1390.04; 2022-05 · Price GBX 1294.00 · Value 1390.04 · Buy at or below 1390.04; 2022-06 · Price GBX 1102.50 · Value 1390.04 · Buy at or below 1390.04; 2022-07 · Price GBX 1227.50 · Value 1390.04 · Buy at or below 1390.04; 2022-08 · Price GBX 1107.00 · Value 1390.04 · Buy at or below 1390.04; 2022-09 · Price GBX 1036.00 · Value 1390.04 · Buy at or below 1390.04; 2022-10 · Price GBX 1065.00 · Value 1390.04 · Buy at or below 1390.04; 2022-11 · Price GBX 1149.50 · Value 1390.04 · Buy at or below 1390.04; 2022-12 · Price GBX 1095.00 · Value 1390.04 · Buy at or below 1390.04; 2023-01 · Price GBX 1222.50 · Value 1390.04 · Buy at or below 1390.04; 2023-02 · Price GBX 1281.50 · Value 1390.04 · Buy at or below 1390.04; 2023-03 · Price GBX 1211.00 · Value 1390.04 · Buy at or below 1390.04; 2023-04 · Price GBX 1206.50 · Value 1390.04 · Buy at or below 1390.04; 2023-05 · Price GBX 1115.00 · Value 1390.04 · Buy at or below 1390.04; 2023-06 · Price GBX 1087.50 · Value 1390.04 · Buy at or below 1390.04; 2023-07 · Price GBX 940.00 · Value 1390.04 · Buy at or below 1390.04; 2023-08 · Price GBX 884.80 · Value 1390.04 · Buy at or below 1390.04; 2023-09 · Price GBX 832.20 · Value 1390.04 · Buy at or below 1390.04; 2023-10 · Price GBX 639.60 · Value 1390.04 · Buy at or below 1390.04; 2023-11 · Price GBX 648.60 · Value 1390.04 · Buy at or below 1390.04; 2023-12 · Price GBX 683.60 · Value 1390.04 · Buy at or below 1390.04; 2024-01 · Price GBX 654.20 · Value 1390.04 · Buy at or below 1390.04; 2024-02 · Price GBX 503.00 · Value 1390.04 · Buy at or below 1390.04; 2024-03 · Price GBX 464.50 · Value 1390.04 · Buy at or below 1390.04; 2024-04 · Price GBX 435.60 · Value 1390.04 · Buy at or below 1390.04; 2024-05 · Price GBX 499.60 · Value 1390.04 · Buy at or below 1390.04; 2024-06 · Price GBX 546.50 · Value 1390.04 · Buy at or below 1390.04; 2024-07 · Price GBX 685.00 · Value 1390.04 · Buy at or below 1390.04; 2024-08 · Price GBX 724.50 · Value 1390.04 · Buy at or below 1390.04; 2024-09 · Price GBX 734.00 · Value 1390.04 · Buy at or below 1390.04; 2024-10 · Price GBX 813.00 · Value 1390.04 · Buy at or below 1390.04; 2024-11 · Price GBX 902.00 · Value 1390.04 · Buy at or below 1390.04; 2024-12 · Price GBX 868.00 · Value 1390.04 · Buy at or below 1390.04; 2025-01 · Price GBX 1054.00 · Value 1390.04 · Buy at or below 1390.04; 2025-02 · Price GBX 1058.00 · Value 1390.04 · Buy at or below 1390.04; 2025-03 · Price GBX 977.00 · Value 1390.04 · Buy at or below 1390.04; 2025-04 · Price GBX 939.20 · Value 1390.04 · Buy at or below 1390.04; 2025-05 · Price GBX 1114.50 · Value 1390.04 · Buy at or below 1390.04; 2025-06 · Price GBX 1184.00 · Value 1390.04 · Buy at or below 1390.04; 2025-07 · Price GBX 1308.50 · Value 1390.04 · Buy at or below 1390.04; 2025-08 · Price GBX 1269.00 · Value 1390.04 · Buy at or below 1390.04; 2025-09 · Price GBX 1270.00 · Value 1390.04 · Buy at or below 1390.04; 2025-10 · Price GBX 1297.50 · Value 1390.04 · Buy at or below 1390.04; 2025-11 · Price GBX 1393.00 · Value 1390.04 · Buy at or below 1390.04; 2025-12 · Price GBX 1384.50 · Value 1390.04 · Buy at or below 1390.04; 2026-01 · Price GBX 1520.00 · Value 1390.04 · Buy at or below 1390.04; 2026-02 · Price GBX 1350.00 · Value 1390.04 · Buy at or below 1390.04; 2026-03 · Price GBX 1176.50 · Value 1390.04 · Buy at or below 1390.04; 2026-04 · Price GBX 1218.50 · Value 1390.04 · Buy at or below 1390.04; 2026-05 · Price GBX 1210.00 · Value 1390.04 · Buy at or below 1390.04; 2026-06 · Price GBX 1211.50 · Value 1390.04 · Buy at or below 1390.04; 2026-07 · Price GBX 1053.50 · Value 1390.04 · Buy at or below 1390.04; 2026-08 · Price GBX 1186.00 · Value 1390.04 · Buy at or below 1390.04; 2026-09 · Price GBX 1063.50 · Value 1390.04 · Buy at or below 1390.04; 2026-10 · Price GBX 1061.00 · Value 1390.04 · Buy at or below 1390.04; 2026-10 · Price GBX 1061.00 · Value 1390.04 · Buy at or below 1390.04

GBX per share · annual estimates

Price & return math
Value range	GBX 973.06 – GBX 1,632.85
Buy at or below	Central value GBX 1,390.04
Discount to value	1 − 1061.00 / 1390.04 = 23.7%
Return / year	About 12.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 71.57/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash GBX 0.00/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 30B

Revenue

Owner earningsGBP 538M

Owner earnings

Operating margin4.3%

Operating margin

Net cash / debtGBP -214M

Net cash / debt

Diluted shares534M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·